BlackLine, which provides a cloud-based platform for automating financial reporting, announced terms for its IPO on Monday.
The Woodland Hills, CA-based company plans to raise $120 million by offering 8.6 million shares at a price range of $13 to $15. Insiders intend to purchase $12 million worth of shares in the offering. At the midpoint of the proposed range, BlackLine would command a fully diluted market value of $725 million and an enterprise value of $640 million (6.3x LTM sales).
BlackLine was founded in 2001 and booked $102 million in sales for the 12 months ended June 30, 2016. It plans to list on the Nasdaq under the symbol BL. Goldman Sachs and J.P. Morgan are the joint bookrunners on the deal. It is expected to price during the week of October 24, 2016.
